Last reviewed: 09 Jun 2026 | Source: CMA Open Data API and AIB (Allied Irish Banks) published rates
TL;DR: The AIB (Allied Irish Banks) business account does not charge a standard monthly fee. Transaction charges apply: electronic payments cost 35p per transaction and cash deposits cost £0.90 per £100. FSCS deposit protection applies up to £85,000. AIB (Allied Irish Banks) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA registration number 122088).What is the AIB business account
The AIB business account is a business current account for UK-registered businesses, available to limited companies, sole traders, and partnerships. AIB (Allied Irish Banks) is one of the nine banks designated under the Competition and Markets Authority Open Banking Order, which requires it to publish standardised fee data through the CMA Open Data API and provide open banking access to authorised third-party providers.
Northern Ireland has three dedicated CMA9 institutions not present elsewhere in the UK: AIB Group (UK), Bank of Ireland UK, and Danske Bank, alongside the six UK-wide CMA9 banks.
AIB UK is one of only three CMA9 banks serving Northern Ireland. For businesses operating across the Northern Ireland and Republic of Ireland border, AIB UK's connection to the AIB Group network spans both jurisdictions.
AIB (Allied Irish Banks) business account fees and charges
| Fee | Amount |
|---|---|
| Monthly account fee | No standard monthly fee |
| Electronic payment (per transaction) | 35p per transaction |
| Cash deposit fee (per £100) | £0.90 per £100 |
| Arranged overdraft EAR | 14.9% |
Source: CMA Open Data API and https://aibgb.co.uk/business. Retrieved 09 Jun 2026. Verify current rates directly with AIB (Allied Irish Banks) before opening an account.
Who is the AIB business account for
The AIB business account is suited to businesses in Northern Ireland and border regions of the Republic of Ireland, and businesses with existing AIB Group relationships requiring a UK-registered business account alongside Irish banking facilities.
It may be less suitable for businesses based outside Northern Ireland with no AIB relationship, for whom the six UK-wide CMA9 banks or a digital challenger will offer broader coverage.
How to open a AIB business account
Unlike the six UK-wide CMA9 banks, the three Northern Ireland CMA9 banks typically involve more direct engagement with bank staff rather than a fully digital self-serve pathway.
- Contact AIB UK business banking directly or visit a Northern Ireland branch
- Provide Companies House or Companies House Northern Ireland registration details
- Submit identity verification documents for all directors and signatories
- AIB UK applies KYC checks and a credit assessment
- Allow up to 10 business days for the full process
- Account details and debit card issued following approval
Documents required include valid photo ID for all directors, proof of address dated within 3 months, and Companies House registration details. Sole traders should provide an HMRC UTR and evidence of business activity.
Who gets approved for the AIB business account
UK-registered limited companies, sole traders, and partnerships, primarily Northern Ireland-based. AIB UK applies standard KYC and credit checks. Businesses in restricted sectors may require additional due diligence.
AIB (Allied Irish Banks) business account: overdraft and borrowing
Arranged overdraft facilities are available subject to credit assessment at a representative EAR of 14.9%. AIB UK also offers business loans, invoice finance, and asset finance.
AIB (Allied Irish Banks) business account: cash handling
Cash deposits accepted at AIB UK branches in Northern Ireland. The cash deposit fee per £100 applies. Branch network concentrated in Northern Ireland.
AIB (Allied Irish Banks) business account: international payments
AIB UK supports international payments with connectivity to AIB Group's European network, an advantage for businesses trading with the Republic of Ireland. SEPA and SWIFT payments are supported.
AIB (Allied Irish Banks) business account: accounting software
The AIB business account supports open banking connections to Xero and QuickBooks via the CMA Open Banking framework. As a CMA9-designated bank, AIB (Allied Irish Banks) is required to provide open banking API access to authorised third-party providers. Connections are read-only and can be revoked at any time.
FSCS protection and regulatory status
AIB (Allied Irish Banks) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FCA registration number 122088). Business deposits are eligible for FSCS protection up to £85,000 per legal entity per banking licence.
FSCS protection does not apply to e-money institutions. Businesses evaluating digital challengers should verify the regulatory structure of any alternative account.
The three Northern Ireland CMA9 banks compared
| Bank | Monthly fee | E-payment | FSCS | Strength |
|---|---|---|---|---|
| AIB | None | 35p | Yes | AIB UK is one of only three CMA9 banks serving Northern Ireland. For b... |
| AIB Group UK | None | 35p | Yes | Cross-border Irish banking |
| Bank of Ireland UK | None | 35p | Yes | Agricultural and rural expertise |
How AIB compares to UK-wide business accounts
| Provider | Monthly fee | E-payment | FSCS | Key difference |
|---|---|---|---|---|
| AIB | None | 35p | Yes | CMA9 bank, NI focus. |
| Starling Business | Free | 30p | Yes | UK-wide digital bank. FSCS protected. Permanently free. No branch access. |
| Bank of Ireland UK | Free | 35p | Yes | Fellow CMA9 bank in Northern Ireland. Agricultural sector strength. |
| Danske Bank UK | Free | 35p | Yes | Third CMA9 bank in Northern Ireland. Nordic network connectivity. |
| Barclays Business | £8.50/mo | 35p | Yes | UK-wide CMA9. Largest branch network in England. FSCS protected. |
Switching to the AIB business account
Businesses switching from another UK bank can use the Current Account Switch Service (CASS), which transfers all payments, direct debits, and standing orders within seven working days. Available for businesses with turnover up to £6.5 million. Obtain full statements from the existing provider before switching as historical data does not transfer.
Open banking and the CMA9 designation
As a CMA9-designated bank, AIB (Allied Irish Banks) is required to publish standardised product data through the CMA Open Data API and provide secure read access to transaction data to authorised third-party providers. Fee data on this page is drawn from that feed. Open banking connections are read-only and can be revoked at any time through the AIB online banking portal.
Frequently asked questions
What is the monthly fee for the AIB business account?
The AIB business account does not charge a standard monthly account fee. Transaction-based charges apply including 35p per transaction per electronic payment and £0.90 per £100 deposited in cash. Verify the current fee schedule directly with AIB (Allied Irish Banks) before opening an account.
Is the AIB business account FSCS protected?
Yes. AIB (Allied Irish Banks) is authorised by the Prudential Regulation Authority (FCA registration number 122088). Eligible business deposits are covered by the FSCS up to £85,000 per legal entity.
Can a sole trader open a AIB business account?
Yes. AIB (Allied Irish Banks) accepts sole trader applications. Standard KYC documentation applies including photo ID, proof of address, and evidence of business activity.
How does the AIB business account compare to Starling or Monzo?
Starling Business and Monzo Business are UK-wide digital banks offering permanently free accounts with no transaction fees. They do not have a physical Northern Ireland presence or cross-border Irish banking capability. Both are FCA-authorised with FSCS protection. The choice depends on whether branch access, cross-border capability, or sector-specific lending is a requirement.
Does AIB offer a business overdraft?
Yes. Arranged overdraft facilities are available subject to a separate credit assessment at a representative EAR of 14.9%.
Is the AIB business account right for your business type
Limited companies: A separate business account is a legal requirement for limited companies registered at Companies House or Companies House Northern Ireland. The AIB business account meets this requirement and provides the core account infrastructure for business operations.
Sole traders: Sole traders are not legally required to use a separate business account, but separating business and personal finances simplifies Self Assessment tax preparation and avoids breaching personal account terms that prohibit business use. The AIB business account is available to UK sole traders.
Cross-border businesses: For businesses operating across the Northern Ireland and Republic of Ireland border, the three Northern Ireland CMA9 banks offer cross-border banking relationships that UK-wide banks and digital challengers do not provide. This is a structural advantage specific to AIB Group UK, Bank of Ireland UK, and Danske Bank.
Export-focused businesses: AIB's international payment capability and parent group network provide structural advantages for businesses with regular international trading activity, particularly in the sectors and regions where AIB has specialist relationships.
What to check before opening the AIB business account
- Transaction volumes: At 35p per transaction per electronic payment, calculate the likely monthly transaction cost based on actual payment volumes and compare against fixed-fee or permanently free alternatives.
- Branch coverage: AIB's branch network is concentrated in Northern Ireland. Confirm branch access is available where needed, particularly for cash deposits.
- Digital banking capability: Confirm the current state of the mobile app and online banking platform before opening. Digital infrastructure varies across the Northern Ireland CMA9 banks relative to the six UK-wide institutions.
- Lending requirements: If an overdraft or business lending is required from day one, confirm availability and indicative terms with AIB before opening.
- Cross-border payments: If trading regularly between Northern Ireland and the Republic of Ireland, confirm the specific cross-border payment arrangements and associated fees before opening.
Business savings accounts alongside the AIB business account
AIB (Allied Irish Banks) offers savings products alongside its current account. Businesses maintaining surplus funds above immediate operating needs should compare available savings rates against standalone providers before deciding where to hold reserves.
The FSCS £85,000 limit applies per banking licence in aggregate across all accounts held with the same institution. Businesses holding both a current account and a savings account with AIB (Allied Irish Banks) should note both balances count toward the same limit. Businesses with larger reserves may wish to distribute deposits across multiple FCA-authorised institutions to maintain full FSCS coverage.
Recent changes to AIB (Allied Irish Banks) business banking
AIB Group completed a strategic reorganisation of its UK operations in 2023 and 2024, concentrating focus on Northern Ireland. The UK arm operates as AIB Group (UK) plc, separately capitalised from the Irish parent.
Customer ratings
AIB (Allied Irish Banks) holds a Trustpilot score of 3.5 out of 5. The mobile banking app carries an average rating of 3.8 out of 5 on the Apple App Store. Ratings reflect the full AIB customer base and are not specific to business account holders. Common themes in business account feedback include onboarding speed, responsiveness of branch staff for lending queries, and the quality of digital tools for day-to-day transaction management.
Open banking and the CMA9 framework
The AIB business account operates within the CMA Open Banking framework. Under the Competition and Markets Authority Open Banking Order, AIB (Allied Irish Banks) is required to publish standardised product data through the Open Data API and to provide read access to customer transaction data to authorised third-party providers through the Open Banking API.
This has two practical implications. First, fee and product data is independently verifiable through the CMA Open Data API - the data on this page is sourced from that feed rather than from marketing materials. Second, businesses can connect their account to authorised accounting software and financial tools without sharing banking credentials.
Open banking connections use read-only access. Third-party software cannot initiate payments or modify the account. Businesses can revoke access to any connected app at any time through the AIB online banking portal. All nine CMA9 banks maintain open banking infrastructure to the same technical standard set by the Open Banking Implementation Entity.
The nine designated CMA9 banks are Barclays, HSBC, NatWest, Lloyds, Santander, Nationwide, AIB Group UK, Bank of Ireland UK, and Danske Bank. The three Northern Ireland institutions complete the full CMA9 designation alongside the six UK-wide banks.
FSCS deposit protection: what it means in practice
The Financial Services Compensation Scheme protects eligible deposits up to £85,000 per legal entity per banking licence in the event of a bank failure. For limited companies, the £85,000 limit applies to the company as a legal entity, separate from any personal deposits held by the directors.
The limit applies per banking licence, not per account. A business holding a current account and a savings account with AIB (Allied Irish Banks) has both balances covered under the same £85,000 limit. A business holding deposits across two different banking licences has two separate £85,000 limits.
FSCS protection does not apply to money held with e-money institutions or payment institutions, even where those institutions use a partner bank for their own regulatory arrangements. Businesses evaluating challenger bank accounts should verify whether the account is operated by an FCA-authorised bank or by an e-money institution.
How AIB fits into the UK business banking market
The UK business banking market divides broadly into three tiers. The six UK-wide CMA9 banks - Barclays, HSBC, NatWest, Lloyds, Santander, and Nationwide - serve businesses across England, Scotland, Wales, and Northern Ireland with national branch networks and full-service digital banking. The three Northern Ireland CMA9 banks - AIB Group UK, Bank of Ireland UK, and Danske Bank - serve primarily the Northern Ireland market with specialist local knowledge and cross-border Irish and Nordic connections. Digital challenger banks such as Starling, Monzo, Tide, and Revolut serve UK businesses across all geographies with app-based banking, typically at lower or zero cost but without branch access or the cross-border network relationships the Northern Ireland CMA9 banks provide.
AIB (Allied Irish Banks) occupies a distinct position in this structure. As a CMA9-designated bank with full FSCS protection, it offers the regulatory security of the UK banking framework. As a Northern Ireland specialist, it offers market knowledge, sector expertise, and cross-border connectivity that neither the UK-wide banks nor the digital challengers replicate.
For businesses based in Northern Ireland or with significant cross-border trading activity, the three Northern Ireland CMA9 banks represent the most directly relevant options. For businesses based elsewhere in the UK with no Northern Ireland connection, the six UK-wide CMA9 banks and digital challengers are likely to offer more appropriate coverage.
Comparing business banking costs across all nine CMA9 banks
The nine CMA9 banks vary significantly in their fee structures. Among the six UK-wide banks, monthly fees range from £0 (Nationwide, permanently free) to £8.50 (Barclays) after introductory free periods. Electronic payment fees range from 0p (Nationwide) to 35p per transaction (Barclays and NatWest). The three Northern Ireland banks do not charge standard monthly fees but apply per-transaction charges of 35p per electronic payment.
For businesses making 50 electronic payments per month, the monthly transaction cost at 35p per payment is £17.50, which exceeds the monthly fee of every UK-wide CMA9 bank. High-transaction businesses should calculate total monthly cost based on actual payment volumes rather than comparing headline monthly fees alone. Permanently free digital challengers such as Starling Business, which charges 30p per UK bank transfer but nothing for Faster Payments, may represent a lower total cost for high-transaction businesses regardless of the CMA9 designation of their banking provider.
